India Likely to Impose Sweeping Ban on Cryptocurrency Trading

India Likely to Impose Sweeping Ban on Cryptocurrency Trading

India is looking to introduce a law to ban trade in cryptocurrencies, as the authorities sees a legal framework as being more effective after the Supreme Court overturned the government’s curb on the virtual asset class.

A Bloomberg report stated that the government would lean on a previously drafted bill that bans all forms of crypto transactions and anyone caught holding them could face a hefty fine and up to ten years imprisonment.

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People familiar with the development said the federal cabinet will discuss bill shortly before it is sent to parliament.

Participants in India’s bitcoin market expressed their disappointment as they were hoping for some form of legislation to regulate...

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